It’s no secret that insurers must transform their organizations to compete in the experience-driven digital economy, with its new and evolving ecosystems. What is less well-understood is the fundamental technology shift required to reach prospective customers with updated products leveraging new partners and data while building engagement with existing customers.
Successful customer-focused insurance business models require embracing the ubiquity of cloud innovations and leveraging the power of cloud-native design for enterprise applications
As we move inexorably forward into a digital future, many companies are giving hefty consideration to how well they’re keeping pace with developing technologies. Overwhelmingly their answer is “Poorly.” Nearly all of those surveyed agreed on the importance of digital transformation; 95 percent say customers and end-users should have truly unique experiences and 80 percent worry about their companies being left behind if they couldn’t. What can we do better? Try a more integrated approach.
You have heard a lot – likely an awful lot – about the ways advances in technology are impacting customer experience in the insurance industry: how they drive service beyond what customers expect by adapting with them as their lives change, by managing changes to their plans and policies with ease, and by offering a consistent experience across platforms and interactions. All that’s needed is to tap into it, right? Not so fast, say those in the trenches.
2017 has been a heady year for insurance technology. The widespread embrace of new digital experience solutions, the explosion of interest in AI, and the rapid absorption of new insurtech by mainstream insurers have helped provide extra momentum. It has brought into sharp relief the inextricable relationship between systems of record and systems of engagement and the need for platforms that foster that relationship. Creating just such a platform has been at the heart of EIS Group’s technology approach. For this reason, it is hugely gratifying to find ourselves recognized as a Visionary in Gartner’s “Magic Quadrant for P&C Core Platforms, North America”*, which is “an update of the ‘Magic Quadrant for Property and Casualty Insurance Policy Management Modules, North America’ published in January 2016."
As insurers drive to expand and grow in an increasingly digital marketplace, it is understood that excellent customer service is no longer a standout, but a standard. In the last two years, the number one strategic investment across the insurance industry has been in improving customer engagement. Why so much emphasis?
Forget “15 minutes could save you 15% on car insurance.” This popular insurance advertising meme makes me want to ask wouldn’t your customers prefer to save not only more time and money, but the effort also? This is precisely the new value that is being achieved with new digital engagement technologies, and customers like it.
When the ball dropped on 2017 it opened another pivotal year for digital transition. Some insurers feel poised for digital success. For many others, small gains have been hard won and their positive business impacts quickly muted by a fast-moving business landscape. 2016 compounded their conundrum by exposing the vulnerable underbelly of insurers, Uber-style, to new business models—such as on demand insurance—new entrants, and emerging InsurTech. If all this caught you by surprise, and you have not had time to formulate a response, 2017 is now or never. Sorry, the party will have to wait.
New technologies. New players. New products. New business models. The clamor of disruption is loud in our ears, but seeing a clear path for adapting to change and implementing new technologies to support change is hard. In their urgency, are insurers force-fitting disruption on old operating models and systems?